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Roxy-Pacific closes 1st property deal in New Zealand with NZ$174M buy

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Roxy-Pacific closes 1st property deal in New Zealand with NZ$174M buy

Roxy-Pacific Holdings Ltd. unit Roxy-CES (NZ) Ltd. completed Dec. 20 the NZ$174 million acquisition of a grade A office building in Auckland, New Zealand, marking the company's first venture in the country.

The unit made the purchase of the 205 Queen St. property together with fellow Singaporean property company Chip Eng Seng Corp. Ltd., which owns a 50% stake in Roxy-CES.

Sitting on a 3,764-square-meter site, the two-tower asset has 25,381 square meters of net lettable area and is 96.37% occupied. It has a lease term running until June 2081, with an option for renewal for another 98-year term to expire in June 2179. The two towers, which stand at 17 stories and 22 stories, also feature a retail podium.

As of Dec. 20, US$1 was equivalent to NZ$1.43.